Hi Experts,
I’d appreciate your help with my situation:
- In 2019, I opened my first Traditional IRA and made a nondeductible $6,000 contribution (reported on Form 8606 via TurboTax, establishing my IRA basis at $6,000).
- In 2020, I converted the full $6,000 to a Roth IRA (a backdoor Roth conversion) but forgot to file Form 8606 for 2020 to report the conversion.
- From 2020 to 2024, I made no additional nondeductible IRA contributions, so my IRA basis in IRS records likely still shows $6,000, whereas I believe it should be $0 after the conversion
Since it's now 2025 and I can no longer amend my 2020 tax return, can I still file a standalone Form 8606 for 2020 to document my after-tax basis and Roth conversion? Would the IRS accept it, and is there any penalty for late filing?
Thank you for your guidance!
Best,
